FORT LAUDERDALE, Fla., Feb. 21 /PRNewswire/ -- J. Andrew Braswell, equity analyst with Newbridge Securities Corporation ("Newbridge"), has initiated coverage on Nanophase Technologies Corp. (Nasdaq: NANX), with a "Hold" rating and a 12 month price target of $7.50. Nanophase Technologies is a developer and manufacturer of nanomaterials in commercial volume, with an annual production capacity in excess of 1.5 million pounds. These nanomaterials are then incorporated by customers in their products or industrial processes, offering advantages such as improved performance, lower overall cost, or the development of new products or processes. The company produces nanoparticles of single or multi-element oxides with controlled particle size, typically measuring 5-100 nanometers (nm). Its surface modification technology is used to manipulate electrical, mechanical, optical and other properties which, along with its dispersion technology, provides customers with a readily usable nanomaterials solution. The company's production facilities are certified to the latest ISO 9001 quality standards and the FDA's current Good Manufacturing Processes (cGMP). Mr. Braswell stated: "Our Hold rating is based on the stock's valuation relative to the visibility of the timing and magnitude of revenue growth. Shares have been strong recently, and are now trading at 19.5x 2005 revenue. We think the next year may bring the opportunity for entry either at a more favorable valuation, or similar valuation with improved visibility. Our $7.50 price target is based on a P/S multiple of 5.2x our 2010 revenue estimate of $64.2 million, discounted back at 20%." About Newbridge Securities Corporation Newbridge is a full-service securities brokerage firm and investment bank (Member NASD & SIPC, CRD# 104065) and a subsidiary of Newbridge Financial, Inc., an integrated financial services company. The Newbridge Institutional Research department specializes in the analysis and coverage of companies that have strategic focus on nanotechnology. Newbridge Research has established the Newbridge Nanotechnology Index (NNIX) which currently consists of 24 companies, and is reconstituted and rebalanced each fiscal quarter. Newbridge Research also publishes a quarterly report entitled "Inside Nanotechnology," which reviews the growing presence and impact of nanotechnology, as well as certain of the companies listed on the NNIX. More information is available at our Web sites http://www.newbridgereports.com and http://www.newbridgesecurities.com . Safe Harbor Statement This news announcement may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and achievements of the company to be materially different from any future results, performance or achievements expressed or implied, such as a difference including, but not limited to, those discussed in Management's Discussion and Analysis of the Financial Condition and Results of Operation in the Company's Annual Report on Form 10-K filed by the company with the Securities and Exchange Commission. For important disclosures please visit: http://www.newbridgesecurities.com/research_rpt_discl.html . Additional information is available upon request.
SOURCE Newbridge Securities Corporation